Toshiba hit with $87 million fine following LCD price fixing

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Toshiba have been hit with an $87 million fine after they were found guilty of entering into an LCD panel price fixing ring between the years 1999 and 2006.

Sharp, Samsung and a handful of other AV companies were met with similar charges last December, culminating in a combined fine of $553 million. Toshiba are the latest company to be found guilty, with LG Display yet to settle their case. AU Optronics Corp were found guilty of LCD price fixing in March of this year, and are currently in the process of appealing the ruling.

Toshiba, however, continue to profess their innocence, denying the charges:

“While Toshiba appreciates the jury’s time and effort, Toshiba believes that the jury’s verdict is in error as to the finding of wrongdoing.”

Richard Heimann, the co-lead counsel on the case, stated that he was “very pleased the jury found in favour of the plaintiffs and found that Toshiba violated the law.”

Toshiba will be expected to fork out approximately $70 million to customers who purchased their televisions, and around $17 million to the manufacturers who built the TVs.